22nd May 2007 07:15
British Land Co PLC22 May 2007 ONE EXCHANGE SQUARE SALE AGREED TO KANAM GRUND The British Land Company is pleased to announce that it has exchanged contractswith KanAm Grund Kapitalanlagegesellschaft mbH for the sale of One ExchangeSquare on the City's pre-eminent Broadgate Estate for £406.3 million. The saleis due to complete in June. KanAm Grund, one of Germany's leading fund managers for open-ended real estatefunds and asset manager of international real estate investments, has acquiredthe prime City office building - the headquarters of the European Bank forReconstruction and Development - with an unexpired office lease circa 15.75years. The building comprises 384,362 sq ft of modern Grade A office, retail andleisure accommodation arranged over ground, mezzanine and 12 upper floors on the1.7 acre site. Tim Roberts, Director and Co Head of Asset Management, British Land said: "Weare pleased to have sold this first class property to KanAm Grund. The sale isin keeping with our strategy of recycling capital, in this case, into furtherdevelopment at Broadgate. British Land is excited about the prospects for activemanagement at Broadgate and our ambition is to extend and maintain the Estate asthe leading office campus in the City. In doing this KanAm Grund is an excellentstakeholder." DTZ and SJ Berwin acted for British Land. Jones Lang LaSalle and Nabarro actedfor KanAm Grund. Date: 22 May 2007 Notes to Editors •The Broadgate Estate comprises15 individual buildings and is one of the most sought after locations in the City market with major international finance and business occupiers. •Broadgate 2020 is British Land's master planning exercise to assess the future redevelopment potential of the 30 acre Estate. Currently the master planning has identified a potential uplift across the Estate of up to 1.2 million sq ft. •British Land has recently exchanged agreements with Henderson Global Investors to surrender their lease at 4 Broadgate and relocate into 124,000 sq ft at 201 Bishopsgate. The remainder of 201 Bishopsgate is under offer to Mayer Brown LLP. For further media information: The British Land Company PLCLaura De Vere - tel 0207 467 2920/mobile 07739 292920 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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